Naira depreciates against dollar, pound, euro in official market By Adedapo Adesanya

The Naira started the new week on a negative note on Monday after its value depreciated further by 0.13 per cent or N2.11 against the US Dollar

The Naira opened the new week with a loss against the US Dollar on Monday, depreciating by 0.13 per cent or N2.11 in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

According to data from FMDQ Securities, the Naira closed at N1,611.40/$1 on Monday, compared with the previous session’s N1,609.29/$1.

Also, the domestic currency recorded losses against the Pound Sterling and the Euro in the official market on Monday.

The Naira lost N6.85 against the British currency during the session to close at N2,068.45/£1, compared with last Friday’s closing price of N2,061.60/£1.

It also depreciated by 80 Kobo against the European currency to settle at N1,741.61/€1, weaker than the previous day’s N1,740.81/€1.

The local currency faced pressure despite a 6.4 per cent or $10.71 million increase in forex turnover in the spot market on Monday, rising to $179.34 million from $168.63 million in the previous trading session.

Meanwhile, in the parallel market, the Nigerian Naira depreciated against the US Dollar on Monday by N10 to sell at N1,605/$1, compared with the preceding session’s rate of N1,595/$1.

The market’s weakening trajectory has not eased on recent moves by the Central Bank of Nigeria (CBN) to stabilise the market with liquidity.

The CBN in the last week has sold Dollars to authorised dealers and Bureau De Change (BDC) operators more than thrice to cushion illiquidity worries in the market.

In the cryptocurrency market, there were rises across benchmarked currencies as momentum picked up with the gainers being led by Litecoin (LTC), which went up by 4.0 per cent to $74.07, and Ethereum (ETH) gained 2.4 per cent to sell at $3,345.61.

Further, Ripple (XRP) recorded a 0.6 per cent jump to trade at $0.6042, Solana (SOL) improved by 0.3 per cent to quote at $184.49, and Cardano (ADA) expanded by 0.2 per cent to $0.4072.

On the flip side, Bitcoin (BTC) lost 1.2 per cent to settle at $67,362.22, Binance Coin (BNB) dropped by 0.7 per cent to $579.27, and Dogecoin (DOGE) crumbled by 0.4 per cent to $0.1291, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) traded flat at $1.00 each.

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